Is it right to invest money in HDFC Bank shares now? Know the opinion of the brokerage house

HDFC Bank The share price of Rs.1522 closed at Rs.1522, up 0.54 per cent on August 23. HDFC Bank’s stock has been in a tizzy after the RBI lifted its technology ban from HDFC Bank. After the partial relaxation in restrictions, the brokerage house has increased the target of HDFC Bank shares. Let us know, in such a situation, it would be right to invest in HDFC Bank shares and what will be the new target price of the share.

Brokerage Firm: JPMorgan

Rating: Overweight

Target: Rs 1,800

JP Morgan has said that the digital ban has been removed from HDFC Bank but it is not completely removed yet. But the bank has got permission to issue new credit cards. This is the most profitable business of the bank. Keeping all these things in mind, a target of Rs 1800 has been given for HDFC Bank.

Brokerage Firm: Motilal Oswal

Rating: Buy

Target: Rs 1,800

The brokerage firm has also advised to buy it for HDFC Bank, giving a target of Rs 1800. HDFC Bank shares were trading in a limited range for the last few months. But after giving partial relaxation in technology ban by RBI, its shares have once again recovered.

On August 17, RBI partially lifted its technology ban by HDFC Bank. After this the bank got permission to issue new credit cards. However, HDFC Bank cannot start new digital offers yet. For this, the bank will have to sign a letter from the board and give it. In this letter, the board will have to agree that HDFC Bank is now following all the terms and conditions of RBI. However, after the partial relaxation of restrictions, the target of HDFC Bank shares has been increased.

Overall, the bank will continue to make contingent provisioning so that the impact of coronavirus infection does not affect its balance sheet.

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